A cashier counts RMB notes in a bank in Haian, Jiangsu province. [Photo/Sipa]

Global Times-The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to commence on September 10 in Beijing. Before the official opening, the capital city has announced a series of preliminary consumer activities that indicate underlying economic trends deserving of closer exploration.

More than 20 consumer-oriented events are reportedly planned in conjunction with the fair. According to the Beijing Daily, the city initiated the distribution of consumer vouchers on September 5, valued at a total of 3 million yuan ($420,586), which encompass sectors including accommodation, dining services, and more. Although the fair itself has yet to begin, the momentum in services consumption is already apparent. 

The recent initiatives underscore China's heightened focus on the burgeoning services trade sector, reflecting both its current significance and future potential. An article published in Qiushi magazine in April noted that international experience indicates a shift in consumption patterns from goods to services when per capita GDP reaches about $15,000. With China's per capita GDP now exceeding $13,000, the country is entering a phase of rapid growth in services consumption.

Data from the National Bureau of Statistics offers evidence for this point. From January to July, China's services retail sales increased by 5.2 percent year-on-year, surpassing the overall level. Retail sales of travel consulting and rental services, transportation services, and cultural, sports and leisure services all posted double-digit growth.

The expansion of China's services consumption is creating fresh opportunities for multinational corporations, underscoring the nation's commitment to economic openness rather than protectionism. Contrary to the rising tide of trade barriers seen elsewhere, China is consistently moving toward greater openness in its services sector. By progressively lowering the thresholds for foreign investment, China is not only fostering a more competitive domestic market but also inviting global enterprises to partake in its growing services consumption market.

With China maintaining a consistently open stance toward global markets, the country's services sector has become an important area of interest for trade and investment. In 2024, China's total imports and exports of services reached 7.52 trillion yuan, up 14.4 percent from the previous year and topping the $1 trillion threshold for the first time. In the first half of 2025, actual foreign investment in services totaled 305.9 billion yuan, far exceeding the 109.1 billion yuan directed into manufacturing. These numbers highlight the scale of opportunity that China's expanding service consumption is creating for multinational companies. 

It is against this backdrop that this year's CIFTIS has attracted broad international attention. Media reports note that more than 70 countries and international organizations have expressed interest in participating. While some economies are turning inward and raising new barriers, China is emphasizing openness - promoting services consumption as a source of growth and using market access to counter the effects of "decoupling" and protectionism. The wide international engagement at CIFTIS underscores the role of services as both a driver of domestic consumption and a channel for expanding cross-border economic exchange.

China's steady opening of its services sector aligns with the broader global trend in which services are playing a greater role in cross-border trade. Over the past decade, global services trade and cooperation have deepened, supported by accelerating digitalization, automation, and sustainability initiatives. According to WTO data cited by the Economic Daily last year, from 2013 to 2023 global services exports grew at an average annual rate of 4.9 percent - roughly twice the pace of goods exports. Services account for one-quarter of total trade in goods and services, underscoring their role as a key driver of globalization.

As one of the world's major participants in services trade, China is positioned to influence this shift. The growth of its domestic services consumption, expected to be on display at the upcoming CIFTIS, offers new opportunities for international businesses at a time when some countries are moving toward protectionism. The expansion of services trade may not remove all barriers, but it provides a pragmatic path for cooperation and a reminder that globalization is increasingly being shaped by services.